Business
TSX negative
TSX negative
About this update from Eldorado Gold Corporation
[{"type":"text","content":"\nTSX negative\n\nGold, metals stocks dive\n Mar. 4, 2010 (Baystreet.ca) -- Bay Street stocks were seeing modest selling in mid-morning deals Thursday, with commodity stocks turning in particularly poor performances. \n\nThe S&P/TSX composite index had fallen back 33.72 points by noon to 11,819.13 \n\nProfit taking at higher levels after the main index gathered nearly 3.5% in the past three sessions also weighed. However, gains in financial stocks helped Bay Street limit losses. \n\nThe Gold Index was down, as Red Back Mining lost 3.83% and Eldorado Gold gave in 1.75%. \n\nYamana Gold moved down 3.82% after it reported lower net earnings of $0.26 per share for fiscal 2009, compared to $0.62 per share in the prior year.\n\nBase metal stocks were under pressure, with Teck Resources slipping 1.63% and First Quantum Minerals surrendered 2.23%. \n\nAmong energy plays, Baytex Energy shed 1% and Imperial Oil lost 1.33%.\n\nMeanwhile, Canadian Natural Resources added 0.67%. The company said its fourth-quarter net earnings dipped to $0.85 per share from $3.27 per share in the previous year, but upped its dividend payout by over 40% to $0.15 a share. Also it said it will subdivide its common shares on a two for one basis after necessary approvals.\n\nOn the positive side, financial stocks were edging up after TD Bank's earnings report enthused investors to lap up bank stocks. Yesterday, financial stocks were under pressure after RBC reported profits that missed consensus estimates. \n\nTD Bank gained 1.84% after it said its first quarter income almost doubled to $1.44 per share from $0.75 in the year ago period. Before one-time items, the earnings were at $1.60 a share, widely beating the consensus estimates of $1.34 a share. \n\nIndependent full service investment banker Canaccord Financial rallied 9.07% on announcing the signing of a definitive agreement to acquire Genuity Capital Markets for about $290 million, consisting of 26.5 million Canaccord common shares and $30 million in cash.\n\nGlobal asset manager Brookfield Asset Management edged up 0.20% after reports said the company is planning an approximate $4 billion Australian initial public offering of its Brookfield Multiplex Australian office portfolio.\n\nPharmacy benefit management and healthcare solutions provider SXC Health Solutions rallied 12.55% after reporting better than...